Square Cash App Allows All Users to Buy Bitcoin

Users can buy up to $10,000 worth of bitcoin and deposit it from other addresses via Square Cash app

01 February 2018
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Square Cash payments company announced that all users except those in New York, Georgia, Hawaii, or Wyoming have access to bitcoin trading in their app. Users can buy up to $10,000 worth of bitcoin and deposit it from other addresses. The app doesn’t have a fee for purchases, but the sale price will be a mid-market price averaged from different exchanges.

Instant buying (and selling, if you don’t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.

In November 2017 we have reported that Square Cash was running a bitcoin trial for select users, which had the ability to buy and sell bitcoin using any payment method they had attached to the app.

Cash App empowers people with access to the financial system, and our customers have shown interest in a simple, approachable way to buy and sell Bitcoin. Through our pilot, we’ve learned a great deal about how we can make this experience faster and easier and we’re excited to expand its availability.

Square Spokesperson

Square Cash also created an interactive website that explains bitcoin to the average person.

Iranian Central Bank Doesn’t Recognize Bitcoin as Official Currency

The Central Bank of Iran announced that it has never recognized Bitcoin as an official currency and conducts no transactions in it or other cryptocurrencies

22 February 2018
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Last year, the Iranian government was interested in utilizing cryptocurrencies as a way of bypassing economic sanctions levied against the country. Today it completely changed its mind. The Central Bank of Iran announced that it will never recognize Crypto as official currency.

The bank informed citizens about risks of making investments because there is a chance to lose financial assets. Currently, the bank is cooperating with other institutions to develop mechanisms to control and prevent the use of cryptocurrencies in the country.

The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.

The Central Bank of Iran

However, there is some positive news. Today, Iran’s Information and Communications Technology (ICT) Minister Mohammad-Javad Azari Jahromi informed about the development of a local cryptocurrency by Post Bank. Unfortunately, the stage of research is not stated.